Cool story—until you zoom out.

• US existing-home sales just clocked their lowest April print since 1995.

• Inventory is up 16 % YoY, but months-of-supply still climbing because buyers vanished.

• Mortgage rates doubled in 24 months; every 1 % rise knocks ~10 % off max purchasing power.

“No supply, bro!”

Tell that to the 572 k new builds sitting finished and unsold—the highest since 2008, (NAHB data. ) When rates roll, those units hit the MLS at once. That’s the supply avalanche you claim doesn’t exist.

And yes, price ≠ value. If the only bid left is a knife-catcher who needs a 6 % loan, the clearing price has to re-price until the payment math works again. That’s called a dump.

Meanwhile, I keep my down-payment in 5 % T-Bills and watch from the cheap seats. You’re the one locked into a 30-year bet at peak leverage—keep laughing.